Saksoft Limited

Saksoft was founded in 1999 by Aditya Krishna, Chairman and Managing Director, who has over three decades of experience across banking, financial services, and technology. Prior to establishing Saksoft, he held senior positions at Chase Manhattan Bank and Citibank. The company’s day-to-day operations are managed by a well-qualified professional team heading key functions, business verticals, and geographies. Focused digital transformation player

Saksoft is a niche technology specialist that provides a comprehensive suite of business transformation, information manageme nt, application development, AI accelerators, and testing services. Application development remains the company’s primary focus 1SEBI: Securities and Exchange Board of India; RBI: Reserve Bank of India; MCA: Ministry of Corporate Affairs; IRDAI: Insuranc e Regulatory and Development Authority of India; PFRDA: Pension Fund Regulatory and Development Authority.

Saksoft commenced operations with a focus on the banking and financial services segment, leveraging promoters’ domain experience, and has subsequently diversified its operations across multiple sectors, resulting in a broader service offering and client base. In FY26, Emerging Verticals, comprising hi-tech, media, and telecom, remained the largest segment, contributing ~47% of consolidated revenue, followed by banking and financial services (BFS) at 31%, logistics at 14%, and digital commerce

Saksoft’s total operating income (TOI) grew by 15.6% year-on-year (y-o-y) to ₹1,021 crore in FY26 from ₹883 crore in FY25, registering a compounded annual growth rate (CAGR) of ~21% over the four years ended FY26. While growth remained partly acquisition-led, organic growth also improved in FY26, aided by better cross-selling and new capabilities added in the last few years. The company’s growth strategy remains focused on increasing wallet share within existing strategic accounts, with ~95%

The company’s capital structure remained comfortable, with overall gearing improving to 0.06x as on March 31, 2026 (PY: 0.12x). Saksoft is largely debt-free, except for the term loan availed to partly fund the acquisition completed in FY25, and the company remained in a net-debt-negative position as on March 31, 2026. Debt protection metrics remained healthy in FY26, with PBILDT interest coverage at 22.53x, total debt/PBILDT at 0.22x, and total debt/gross cash accruals (GCA) at 0.30x.

Saksoft is a moderate-scale player in the highly competitive IT services industry, which is dominated by large multinational companies with significant financial resources, alongside several mid -sized and regional players. Rapid technological changes, particularly the increasing adoption of AI, are also reshaping the industry and delivery models. While AI -led transformation presents opportunities for service providers with relevant capabilities, it could also increase pricing pressure, alter t

Q3FY26. These were largely timing-related rather than cancellations, with no loss of customer relationships. Spending from one of the two customers resumed in Q4FY26. Despite this, Saksoft demonstrated resilience in FY26, supported by the addition of a new logistics customer in the US$0.5-1 million revenue category and the scaling of an existing digital commerce customer from the US$0.5-1 million category to the US$1 million-plus category.

Customer concentration remains elevated, with top 10 and top 20 customers contributing ~58% and ~70%, respectively, of FY26 revenue. Its majority future growth is expected from existing customers through increased wallet share , and therefore, concentration among key customers is likely to remain high in the medium term. This exposes the company to risks arising from spending deferments, reduction in scope, pricing renegotiations,and non-renewal by large customers. The risk is mitigated to